Millennials leading charge in buying pre-owned vehicles in India
Millennials account for 80 per cent of the buyer base. As their lifestyles change and prices rise, they are buying used cars
Parul December 4, 2021
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Millennials are leading the charge when it comes to buying pre-owned vehicles in the country, according to a research report by online used car marketplace CARS24. The company has collaborated with leading research firm IPSOS to come out with the report which focuses on the used car buyer trends and top category drivers.
The study highlights the most-compelling consumer trends and statistics with respect to the Indian used car industry.
Young buyers, who account for 80 per cent of buyers’ base, are helping feed the growing field of the app and web-based channels, the report stated.
The rise in new-vehicle prices and lifestyle changes due to the pandemic as well as the emergence of online players are the major factors contributing to this shift, it added.
While the majority of buyers are young males, there has been an uptake in the number of women used car buyers, the report said.
From an industry average of 10 per cent last year, the number has increased by 50 per cent; and is likely to further amplify in the near future, it added.
The report also highlights that among used car buyers, the most-preferred body type is hatchbacks (43 per cent willing to buy) followed by SUVs (26 per cent willing to buy). Additionally, the demand for petrol engines is also high among buyers, as per the findings of the research report.
Besides, the condition of the car remains the most important factor for used car buyers.
“Through this report, we have identified some interesting trends and to those, we will continue to build a gold standard for quality used cars in India and deliver best in class customer experience,” Kunal Mundra, CEO, Cars India, CARS24 noted.
Recently, CARS24 announced the launch of seven company-owned refurbishment centres this year in India.
The centres will be set up across Delhi-NCR, Mumbai, Bangalore, Ahmedabad, Chennai, Hyderabad, and Pune.
Currently, CARS24 is the market leader in the online used car segment with over 90 per cent market share, and has clocked over four lakh transactions to date.